Global Cryptocurrency Market Report 2021-2025 and 2030: Transparency in Financial Payments Expected to Drive Market Growth
The global cryptocurrency market is expected to grow from $1.44 billion in 2020 to $1.63 billion in 2021, at a compound annual growth rate (CAGR) of 12.9%. The market is expected to reach $2.73 billion in 2025 at a compound annual growth rate of 13.8%, and a major player in the cryptocurrency market is Advanced Micro Devices (NASDAQ 🙂 Inc. and BitFury Group Limited and BTL Group Ltd. and Coincheck Inc. and Intel Corporation (NASDAQ :), Ledger SAS, Nvidia (NASDAQ 🙂 Corporation, , Xilinx Corporation (NASDAQ:). Xapo, BitGo, Binance, Coinbase (NASDAQ:) Global Inc. and CoinDesk and Bitmain Technologies Ltd. The cryptocurrency market consists of sales of digital or virtual currencies by entities (institutions, sole traders, partnerships) that operate independently of the Central Bank and use cryptographic techniques to regulate the formation of their units and verify the transfer of payments.
The main types of cryptocurrencies are Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dash Coin, Litecoin, and others. It is a digital currency that uses peer-to-peer technology to facilitate instant payments. Various operations include mining, transactions, and offerings include hardware and software. Cryptocurrencies are used in commerce, retail, e-commerce, banking, etc., and stablecoins are gaining in popularity in the cryptocurrency market. Stable coins are cryptocurrencies that are tied to a physical asset, such as a government-issued currency or a commodity to reduce the volatility of a cryptocurrency. For example, in 2020, the trading volume of stablecoins increased by 500%.
Additionally, in March 2021, India-based financial services firm Techemynt introduced a stablecoin backed by the New Zealand dollar, combining the flexibility of the cryptocurrency with the stability of the New Zealand dollar. PayPal Holdings Inc (NASDAQ :), a US-based financial technology company has acquired Curv for an undisclosed amount. With this acquisition, PayPal Holdings, Inc is strengthening and developing its initiatives to support cryptocurrencies and digital assets. Curv is an Israel-based cryptocurrency security firm, and transparency in payments is expected to drive the growth of the cryptocurrency market in the coming years. Digital currencies are created using blockchain technology, which allows multiple entities to keep copies of historical transactions, meaning that they are not under the control of a single central source.
Centralized systems and human gatekeepers reduce the speed and complexity of transactions while reducing users’ direct control over their funds. There are no intermediaries in cryptocurrency transactions and consumers have the power to stop or pause transactions and record them in their own ledger.
For example, in July 2021, Tesla (NASDAQ:), a US-based electric car manufacturer, began accepting bitcoin as a payment method due to its transparency and unique value. Therefore, transparency in financial payment is driving the cryptocurrency market.
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